DENVER -- The regional government council of the Autonomous Region of the Southern Atlantic (RAAS) has approved Infinity Energy Resources Inc.'s offshore Nicaraguan exploration and development contracts. The contracts now go to national government in Managua for final approval and signature from Nicaragua's president.
The concessions cover some 1.4 million acres, says CEO Stanton Ross.
"We believe that the Perlas and Tyra concession blocks potentially contain substantial quantities of oil beneath waters that range in depth from 100 - 300 ft (30 91 m)," says Ross. "A number of international oil and gas companies have already contacted Infinity regarding their potential interest in partnering with us to develop the concession."
The Company continues to seek the approval of its contracts under the jurisdiction of the regional government council of the Autonomous Region of the Northern Atlantic (RAAN).